GAINESVILLE, Fla. (WCJB) --
With COVID-19 causing stock markets to plummet and economic fears to worsen, local financial experts are weighing in.
They say that while concerns over downturns in business and investing can cause people to grow anxious, it is best to simply wait it out.
“What we’re telling clients and investors is if your goals have not changed and you have a good game plan and good allocations, it’s probably best to stick with it," said W.J. Rossi, a financial advisor at Koss Ollinger in Gainesville. "A lot of damage has already been done and the stock market is down as of right now about 30% from the peak, so if you take action right now, you’re ensuring a 30% loss in your portfolio values."
"If we ride this out, this like all of the other viruses here, it'll work itself out," continued Rossi. "It'll play out, we'll find vaccines…social distancing is helping. This will pass. So if you don't need money right now, selling is probably not the best idea for your portfolio."
Rossi also says that while many have tried to cash out their policies or investments, many have put even more cash in while stocks are low in the hopes of larger returns when the economy recovers.